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Is there a Possibility of Bitcoin’s Decline Continuing? A Successful Analyst Shares His Short-Term BTC Expectations and Warns About the Price!
Markus Thielen, the founder of 10X Research, has issued a warning about the potential continuation of Bitcoin’s decline.
Author:
Elif Azra Güven
24.06.2024 – 09:43
Update:
18 seconds ago
0
Bitcoin, which reached an all-time high of $73,000 in March but experienced a significant decline afterwards, has started the new week with another drop, falling to $62,170.
BTC has faced a turbulent period in June, falling below $61,000 after surpassing $70,000 earlier this month and approaching its record high in March.
As investors speculate about whether Bitcoin’s decline will persist, Markus Thielen, the founder of 10X Research, has issued a warning about the potential continuation of the decline.
Thielen, who has been successful in his predictions, has stated that BTC has formed a double top pattern and is currently testing support levels.
He has emphasized that unless this double top pattern is invalidated, Bitcoin could easily drop to $50,000, and has also suggested that the Personal Consumption Expenditures (PCE) data to be announced on Friday could provide some relief.
Thielen has recently highlighted that the US presidential elections and the Consumer Price Index (CPI) may be significant factors that will drive Bitcoin’s rise later this year, although there could be a sharp correction before this upward movement.
“From a technical standpoint, Bitcoin seems to be following a double top pattern, and the support level is currently being tested.
Unless this chart pattern is invalidated, we should consider it as our base case.
According to this pattern, Bitcoin could easily experience a drop to $50,000, if not $45,000.
Indeed, the US elections and CPI will push Bitcoin higher later this year, but we might still witness a more significant correction.”
The PCE price index, which is a key inflation indicator monitored by the Federal Reserve (Fed) when making interest rate decisions, will be announced on Friday.
*This article does not provide investment advice.
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